INDIA: New policy targets doubling of textile trade
A new “20-15” policy for India’s textiles and clothing industry aims to double the country’s share of the global textiles trade over the next five years.
The policy, 'Indian Textiles & Clothing Industry : 2015,' has been unveiled by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Among its many aims, the policy targets a 20% share of branded textiles in exports, also increasing per capita fibre consumption to 10kg.
FICCI said the new policy would also try to neutralise the effects of the economic crisis on the Indian textiles industry, diversifying the country’s export and domestic markets and building 20 global brands from India.
It would also promote the manufacture of high-tech fibres and technical textiles; encourage energy-efficient and emission reduction technologies; and promote increased indigenisation of textile equipment and increased technological support.
FICCI said the steps were necessary because of the emergence of fierce trade competitors such as Vietnam, Bangladesh, Pakistan and Turkey.
The policy targets growth of 15% per annum in the domestic textile industry and 20% per annum growth in exports over the next five years – hence the 20-15 name – which would double India’s share of the global textile industry to about 6.6%.
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